Posted on 28. Aug, 2015 by Jamie Sternberg.
California law provides a framework for California tenants to request permission from their landlords to install electric vehicle charging stations. AB 2565 added new Civil Code §§1947.6 (residential tenancies) and 1952.7 (commercial tenancies). A summary of the law is below. The full text of these code sections is included at the end of this article. […]
Posted on 28. Aug, 2015.
To save money on renters insurance, it’s necessary to install certain safety upgrades. Zillow.com explains how likely is it for a damage to happen...
Posted on 27. Aug, 2015.
The number of Millennials represents almost 50 percent of home buyers, yet the number of Millennials in the real estate workforce is tiny by comparison. In this...
Posted on 25. Aug, 2015 by Marc Courtenay.
In today’s housing market there are some unmistakable trends that I’ve commented on in recent articles. The number of owner-occupied dwellings is dropping while rental vacancies are vanishing. Put another way, recent data from varying sources—including the Census Bureau—verifies that vacancy rates have fallen to a 30-year low. Residents are finding fewer choices available to rent than […]
There is nothing fun about the eviction process. However, when a resident stops paying rent or becomes a problem tenant, appropriate action must be taken. But property managers can turn this frustrating process into a growth opportunity to find new owners. You might also discover potential clients that are ready to sell their “headache” properties. Turn the stress of […]
Recent reports of a robust recovery in the construction and sales of single-family homes are eclipsed by stories of a boom in higher-density, multifamily complexes. Even publicly traded homebuilders are seeing their share prices soar to heights last seen well before the Crash of 2008. D.R. Horton (DHI), the largest publicly-traded homebuilding company recently reported […]
Security deposits continue to present a very unique set of problems for both property managers and staff alike. Property management companies large and small continue to struggle with this very routine task and often lose money in the process. The following is an example of security deposit mismanagement and the associated repercussions experienced by the […]
Posted on 28. Jul, 2015 by Marc Courtenay.
Just when we thought housing prices may cool down, a new sign of a housing “bubble” has emerged. This combined with a June surge in U.S. home construction has property managers paying attention. Other bubbles that directly relate to the property management business include rental rates, which moved 3% higher in June on a year-over-year […]
It’s been one year since my article urging property managers to “Get Yelp for Your Property Management Business.” Hopefully you heeded my suggestions and are reaping good results, because when used effectively and consistently, Yelp brings attention to any business that is customer-centric. If your marketing and management efforts are successful, the world will know […]
If you’ve considered offering corporate or short-term housing, you’re not alone. With property management costs steadily rising, property managers across the U.S. are looking for a reliable funding stream. With a significant increase in business travel and employee relocation, corporate housing is often suggested as a viable way to increase revenue. It’s no secret that […]
Posted on 08. Jul, 2015 by Marc Courtenay.
Often in life, it’s not only what you know but who you know that can make all the difference. Knowledge is powerful, but relationships are the bedrock of the property management business. It all begins with the people we work with, the folks we depend upon, and the personnel that help keep the wheels of progress […]
This question has been kicked around a lot in recent years: Should you require your tenants to obtain renters insurance? While some property management companies require their residents to purchase renters insurance, the vast majority continue to merely suggest that renters insurance be purchased. Unfortunately, this method of persuasion has done little to convince residents to do […]
As we go about our routine responsibilities of serving our owner-clients we often find good deals on residential income properties. That’s true today in smaller markets filled with plentiful opportunities. Bigger cities are the primary markets many investors are focusing on to increase their holdings of income housing. That’s why some of the smaller, out-of-the-spotlight […]
Nearly 7 years after the financial crisis of 2008, a time when mortgages seemed available to almost any American, the “American Dream” of owning a home continues to fade. The “old” dream was to save enough money for a down payment on a home that you could own or partly own by qualifying for a […]
As property managers, your primary focus is to locate and keep quality residents. Long-term residents can mean a stable rental income, less marketing dollars spent, and a stable rental community, which is attractive to all residents. One area that many managers may not realize the value of is a stable work force. Finding and retaining […]
Posted on 09. Jun, 2015 by Mary Girsch-Bock.
We’ve all seen the ads – ‘no credit check, no deposit, move-in today!’ While some property managers may luck out and rent to a resident who does not skip out on the lease, does not destroy the property, and has adequate income to cover the rent, by running ads such as these, managers are opening […]
Posted on 02. Jun, 2015 by Marc Courtenay.
The list of quandaries property managers and landlords face when dealing with difficult residents is long. The good news is that solutions exist and having them can make all the difference in the world. Property managers and landlords need to know their rights, the laws of the state they live in, as should residents. When […]
While many property managers have consciously made changes in their daily habits to save energy and reduce their carbon footprint, are you doing as much as you can to make your office a little greener? If you feel like you’d like to make a greater environmental impact, here are some suggestions to try in your […]
Posted on 12. May, 2015 by Marc Courtenay.
As the property management business continues to evolve in this ever-changing world there will always be challenges. “Challenges” are what successful managers call problems and crises. Inherent in every challenge is a solution. Hidden in the emotional mire of a crisis are a number of easily overlooked opportunities. Are you adroit at turning these “lemons” […]
Congratulations, you have a secure job where the need for what you do keeps on growing. If you love your work as well you’re especially fortunate. Many people aren’t so lucky. The U.S. Department of Labor on April 30 that initial jobless claims for the week ending April 25 fell by 34,000 to 262,000, below […]
Posted on 30. Apr, 2015 by Mary Girsch-Bock.
While print advertising remains a popular and effective way of marketing to potential renters, those hoping to reach the next generation of renters will need to make sure that their online communication skills are up to par. With more renters using mobile communication devices to look for apartments, having an active online presence is a […]
Posted on 21. Apr, 2015 by Marc Courtenay.
Vacancies are filling faster than ever. Rents are slowly rising in many areas of the country. Property managers are busier because many former home owners are choosing to be renters. So why would property managers consider joining an association of their peers? Is it really worth the effort, money and time? According to The National […]
Posted on 13. Apr, 2015 by Marc Courtenay.
If you’re looking for residents who have incentives to pay their rent on time each month look no further. Those who qualify for federally sponsored housing assistance programs backed by the only organization that can legally print money…the federal government…awaits you! The oldest program has been around nearly 80 years! Section 8 of the Housing […]
After a brutal winter in many parts of the U.S., spring has finally arrived, with a hint of green quickly replacing the brown that we’ve looked at for the past several months. While we can all appreciate the warmer weather, those long months of rain and snow can take its toll on even the most […]
With warm weather finally here, the number of children playing outside will increase dramatically in the coming weeks. This can cause a number of issues in apartment communities – ranging from noise complaints from residents, as well as an increased incident of accidents; everything from the usual cuts and scrapes to more serious issues that […]
“Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius…and a lot of courage to move in the opposite direction.” – E.F. Schumacher This is the time of year that all states except Arizona “spring forward” into Daylight Savings Time. It’s an auspicious time to sharpen your business […]
Posted on 24. Mar, 2015 by Marc Courtenay.
Conditions keep improving for the property management business across the U.S. That’s partly due to the slumping supply of houses for sale which has been waning since the final quarter of 2014. The reasons for the sparse number of homes for sale vary according to regions. Most areas are benefitting from lower mortgage rates allowing […]